The company's film unit posted full-year adjusted operating profit figures that set a company record. Time Warner also reported full-year operating profit records for its Turner and HBO units.

The entertainment conglomerate, led by CEO Jeff Bewkes, posted fourth-quarter earnings of $983 million, compared with $1.11 billion in the year-ago period. Quarterly revenue came in at a company-record $8.6 billion, up 5 percent.

Time Warner raised its quarterly dividend by 10 percent to $1.27 per share on an annualized basis. The company also said it expects its 2014 full-year adjusted earnings per share to grow in the low-double-digit percentage range when excluding the Time Inc. magazine unit, which it is in the process of spinning off.

Time Warner on Tuesday also reported fourth-quarter asset impairments of $105 million, consisting of $24 million at Turner, most of which related to a building, $2 million at Warner Bros. and $79 million at Time Inc. "primarily related to certain trade names."

Warner Bros. posted fourth-quarter adjusted operating profit of $576 million, up 4 percent and one of the highest quarterly figures ever for the company, on a revenue gain of 7 percent.

Key film releases boosting the unit's performance in the fourth quarter included Gravity and The Hobbit: The Desolation of Smaug. A new Batman video game also boosted the quarterly profit at the film unit.

Full-year studio revenue increased 2 percent to $12.3 billion, mainly due to stronger theatrical and video games slates, as well as growth in electronic sell-through, partially offset by declines in TV licensing revenues "due to fewer theatrical availabilities and the comparison to last year's initial off-network availability of The Mentalist" and lower physical home video revenue.

Full-year Warner Bros. adjusted operating income jumped 7 percent to $1.3 billion due to the higher revenue, partially offset by higher print and advertising expenses due to an increased number of theatrical releases and increased restructuring and severance expenses.

"We had another very successful year in 2013, with Turner, Home Box Office and Warner Bros. all posting record profits while also investing for future growth," said Bewkes. "HBO remains in a league of its own, once again receiving the most Primetime Emmy Awards of any network, while tying for the most Golden Globe Awards and recording its biggest gain in domestic subscribers in 17 years. Warner Bros. delivered its best year on record by any measure. Theatrically, it led both the domestic and international box office, and its films received an industry-leading 21 Academy Award nominations, including best picture nominations for Gravity and Her."

Bewkes said the company remains on track to spin off Time Inc. into an independent publicly traded company during the second quarter.

HBO fourth-quarter revenue rose 6 percent, with adjusted operating income down 4 percent due to higher expenses including a 12 percent increase in programming costs. It marked the first time that Time Warner reported separate results for Turner and HBO.